This week, I’m talking about whether or not $1 million is going to be enough for a comfortable retirement.

Today’s topic is another important consideration when determining if $1 million is enough for retirement - your health and longevity. 

If you are 60 years old, healthy with no underlying health conditions, you don’t smoke, and your parents and grandparents all lived into their 90s, you have some special considerations for ensuring your money can last in retirement. 

When calculating how far your retirement nest egg will last in retirement, you’ll need to assume that you’ll live to be 90 or even longer. It would be disastrous to only plan to live until you’re 80, spend like you’ll live until age 80, then run out of money before you run out of years and have to rely on social security alone and the financial support of your family for your basic needs.  

When you retire in your 60s and live until age 85 or 90, inflation will have a significant impact on your portfolio. You may start out spending $70,000 or $80,000 a year in retirement, but because of inflation, you could very easily spend more than twice that amount by the end of your life because of inflation, so you’ll need a portfolio that can support higher withdrawals over time because of inflation. And that’s what I’ll be talking about tomorrow. 

Before you go though, I encourage you to take me up on a free offer just for my loyal listeners - the Retirement Success Forecaster. Using data from a simple questionnaire, I’ll be able to tell you if you’re on track for retirement, and if not, what adjustments you can make today to live the retirement you envision.  

Getting a customized retirement forecast is easy. Just send me an email - [email protected]. I’ll send you the forecaster to complete, and once you send it back to me, you’ll receive your personalized results - for free!

The forecaster will help you answer with a lot more clarity, the big question we’re tackling this week, which is do you have enough for a comfortable retirement when you consider your portfolio size, your income needs, taxes, inflation, etc. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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